Choosing the Right Fixed Deposit – Maybank vs UOB


Maybank Singapore Dollar Time Deposit

What sets this scheme above the rest of the bunch? Well, Maybank account holders have access to one of the highest FD interest rates in Singapore. Aside from the high interest rates, Maybank also offers a diverse range of placement periods that range from 1 to 36 months so that you can choose your favored tenure and withdraw savings as per your requirements.
The qualifications for the Maybank Singapore Dollar Time Deposit are rather accessible as they allow all Singapore citizens, permanent residents, and foreigners above the age of 16 to sign up for this account.

The minimum initial deposit required for starting an FD with tenure of 2 to 36 months is a modest S$1,000. However, Singaporeans opting for and FD with 1-month tenure will have to shell out a steep S$10,000. Special corporate account FD applicants can also apply for 1-week tenure by depositing a minimum amount of S$1,000,000.

The premature withdrawal limit that entails zero interest payment is rather reasonable as it is only applicable for the first 3 months. Beyond that, the interest owed to you is evaluated on the number of days the time deposit is placed, or calculated on the lowest tier of the current savings account rate at the time of withdrawal, whichever is lower.
Based on initial deposits ranging from $1,000-$50,000, here are the interest rates applicable under the Maybank Singapore Time Deposit scheme:


Interest rate













Additionally, you do not have to fret about frequent paperwork as this FD grants auto-renewal of deposit upon maturity. It also provides access to overdraft facilities secured against your deposit. You can easily track the health of your deposits via the comprehensive Maybank phone banking service and online banking portal.

This FD is ideal for customers looking for a reliable and secure FD account and possess a sizeable amount to pump into their account so that the interest rates work well in their favor and delivers a handsome amount on maturity.

UOB Singapore Dollar Time Deposit

Although UOB is not credited in the market for having the highest or fastest growing interest rates, their FD scheme is easily one of the most accessible savings schemes from the bunch. The minimum initial amount demanded from Singaporeans who seek 1-month tenure and above is $5,000. UOB has a diverse selection of tenors to choose from that range from 1 to 36 months. This FD pays interest annually for 24 and 36-month tenures.
UOB is also highly regarded for helping customers with cash flow problems by sanctioning loans using their FD accounts as collateral. This kind of flexibility is rare to find these days in a market filled with risk-averse financial institutions that allow severely limited leverage to customers when it comes to paying off their debt.
Here are the interest rates applicable as per the UOB Singapore Dollar Fixed Deposit scheme for all account holders with an initial deposit of $50,000 and below:


Interest rate

1-5 months


6-8 months


9-11 months


12 months



UOB also comes up with a variety of limited-time promotional offers throughout the year to offer more rewarding interest rates to new FD account holders. For instance, they are currently offering special 13-month and 18-month tenure FD rates of 1.08% and 1.20% p.a. respectively. You can also capitalize on automatic overdraft facilities linked to your account and additional privileges on your UOB credit card when you sign up for a fixed deposit with them.
Overall, the UOB Singapore Dollar Fixed Deposit scheme is excellent for Singaporeans who expect more than just solid returns after a period of time, but also a host of benefits like debt leverage and credit card reward offers.

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